Import prices fall 1.6% in May, reversing April gains

Lower oil prices pulled the import index down 1.6% even as non-oil costs continued to climb.

Singapore's Import Price Index fell 1.6% month on month (MoM) in May, reversing the 0.2% increase in April, as lower oil prices pulled the overall index lower, according to the Department of Statistics.

The oil index declined 6.7% in May, extending its 1.2% fall in April, as prices of petroleum and petroleum products decreased.

Excluding oil, import prices continued to rise. The non-oil import price index increased 0.7% in May, following a 0.8% increase a month earlier.

Amongst the non-oil categories, animal and vegetable oils recorded the largest monthly increase at 2.3%, followed by crude materials excluding fuels at 1.5%.

Machinery and transport equipment rose 0.9%, whilst chemicals and chemical products and manufactured goods each increased by 0.8% and 0.7%, respectively.

Food and live animals was the only non-oil category to post a monthly decline, falling 0.6%.

Compared with a year earlier, the Import Price Index rose 19.1% in May, slightly higher than the 18.9% increase in April.

The oil index increased 76.9% year on year, whilst the non-oil index rose 4.6%.

Amongst the non-oil categories, crude materials excluding fuels posted the largest annual increase at 15.3%.

Manufactured goods and miscellaneous manufactured articles each rose 7.4%, whilst machinery and transport equipment increased 4.5%.

Food and live animals remained the only category to record an annual decline, falling 5.2% from May 2025.

The figures are from the Department of Statistics Singapore's latest Import and Export Price Indices release.